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Your new tax client has asked you to prepare his business tax return for the...

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Accounting

Your new tax client has asked you to prepare his business tax return for the current year. The client does not want to pay any tax due on his exchange. You want to explain to the client the tax law related to recognizing gains or losses realized on an exchange in a professional manner. Which of the following statements would you use to communicate the situation to the taxpayer? Gains and losses realized are not recognized unless specifically stated otherwise in the Internal Revenue Code Gains and losses realized are recognized unless specifically stated otherwise in the Internal Revenue Code Gains realized are recognized unless specifically stated otherwise in the Internal Revenue Code, but losses realized are not recognized unless specifically stated otherwise in the Internal Revenue Code Losses realized are recognized unless specifically stated otherwise in the Internal Revenue Code, but gains realized are not recognized unless specifically stated otherwise in the Internal Revenue Code

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